MS HB1603

Authorizes an income tax credit for small business enterprises (50 or fewer employees) that create new full-time jobs (at least 35 hours per week) with a minimum 10 percent employment increase.

Tier Three counties receive a 10 percent payroll credit, Tier Two counties receive 5 percent, and Tier One counties receive 2.5 percent for net new full-time jobs over five years (years 2-6 after job creation).

Credit is limited to 50 percent of the taxpayer's state income tax liability per year, with unused credits allowed to carry forward for five years from the close of the tax year in which jobs were created.

Department of Revenue may extend the credit period up to two additional years for businesses in Governor-declared disaster areas unable to maintain required job levels.

Excludes hazardous waste transportation, handling, storage, processing, or disposal businesses from eligibility and requires applicants to submit applications to the Department of Revenue.